Dambisa Moyo on Globalization

Globalization may not have been as beneficial to the average Westerner as promised. And I would say housing is probably one of the main reasons we are seeing this. Real wages didn’t actually rise. Instead the people who hold labour actually got more access to debt and that debt was essentially diverted towards housing. So look at the portfolio of wealth in the United States—30 per cent plus of American’s income over wealth is tied up in housing, so they have not participated in this huge benefit from globalisation. The only Westerners that have benefited from this globalisation are the ones that hold capital, not the holders of labor.